Persistent petrol price hike deepens citizens’ economic struggles

Nigerians are once again grappling with a sharp rise in petrol price, as the pump price has surged from N198 to N1,030 within 18 months.

The increase, following the removal of fuel subsidy by President Bola Tinubu, has sparked outrage and exacerbated the already tough living conditions across the country.

Petrol is essential to nearly every sector in Nigeria, from transportation to food production. With the new price hike, analysts predict that food prices will spike, deepening food insecurity and pushing more Nigerians into poverty.

With Nigeria’s inflation rate easing for two consecutive months, currently at 32.15% from 34.2% in June, many hoped for a brief economic respite. However, the new petrol price hike is expected to push inflation back up, as businesses struggle to offset their increased operating costs.

“Every time fuel prices go up, it feels like life becomes impossible. The cost of everything else rises—food, transportation, even school fees,” said Emeka Udeh, a trader in Lagos. “People are really suffering. We can’t keep up.”

The rising cost of transportation, powered by petrol, is already being passed on to consumers. “I used to pay N500 to get to work. Now it’s N1,200,” said a civil servant in Lagos. “How am I supposed to survive like this?”

Small business owners, like market vendor Adenike, fear that they may not be able to cope. “I buy my goods at higher prices, and then customers complain when I raise mine. But what can I do? I have no choice.”

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As the days progress, the full effects of the fuel price hike are expected to ripple across sectors. Public transportation may become even less affordable, leading to lower productivity as people struggle to move around.

For now, frustration is growing, and Nigerians are bracing themselves for more hardships ahead.

T-pain is undisturbed by the hardship in the country – Atiku

Atiku Abubakar, the candidate of the People’s Democratic Party (PDP) in the last presidential election, said President Bola Tinubu was undisturbed by the hardship faced by millions of Nigerians.

Describing the president as T-pain, a stage name of an American artiste which social media critics now used to describe Tinubu over the cost-of-living crisis, Atiku condemned the current administration approach to subsidy removal, saying that it is haphazard and disingenuous.

The PDP chieftain said this while reacting to the recent fuel price hike by the Nigerian National Petroleum Company Limited (NNPCL).

“The haphazard and disingenuous approach of the current administration to fuel subsidy management has been the reason we are in this current economic crisis in the country. As things stand, there will be no letup in the escalating inflation rate, which is drowning the material well-being of Nigerians. It is even more worrying that T-pain is undisturbed by the hardship in the country,” the opposition leader said in a post on his X account on Thursday.

Read also: NNPC releases new estimated petrol price breakdown

My husband not cause of hardship – Remi Tinubu

First Lady, Oluremi Tinubu has urged Nigerians not to blame her husband, President Bola Tinubu, for the ongoing economic crisis in the country, citing the administration’s efforts to address them.

The removal of the fuel subsidy by Tinubu has led to a significant rise in petrol prices from N198 to N1,030 in 18 months. The administration also unified the exchange rate, which has led to an astronomical rise in the value of the naira to the US dollar, sparking widespread economic hardship.

Despite the widespread hardship, the first lady defended the decision during her visit to the palace of Oba Adeyeye Ogunwusi, the Ooni of Ife, on Thursday, where she inaugurated a hostel and 2.7-kilometer road at Obafemi Awolowo University (OAU) named after her.

“We are just 18 months into our administration; we are not the cause of the current situation; we are trying to fix it and secure the future,” she said.

The first lady acknowledged that the removal of the subsidy has caused discomfort but emphasised that the move was necessary for long-term progress.

She also praised her husband’s integrity, stating, “We give glory to God for our status, myself and my husband, we are not greedy but we thank God for what God has done for us. It is not common for rich people to get to this seat but I am grateful to God, we cannot disappoint Nigeria.”

Read also: NLC rejects petrol price hike

Tinubu’s advisers pushing harmful reforms – Ndume

Ali Ndume, a senator representing Borno South, has raised concerns that certain individuals are working to undermine Tinubu’s administration by pushing harmful reforms that are worsening the country’s economic situation.

In a statement released on Friday, Ndume criticised the rising prices of fuel, food, and essential goods, which have become unaffordable for most Nigerians.

He accused some of Tinubu’s advisers of giving the president bad advice that is causing more harm than good.

“Those who are bent on making the President look bad will stop at nothing in inflicting pain on Nigerians through the so-called reforms until things get out of hand, and the blame will be on President Tinubu,” he said

He called on Tinubu to urgently address the economic hardship caused by hyperinflation, warning that the frequent price hikes are pushing many Nigerians into extreme suffering.

Ndume emphasised the dire conditions in his region, noting that many families are struggling to feed themselves due to the skyrocketing prices of basic goods and services.

He highlighted that farmers are finding it increasingly difficult to transport their produce because of high fuel costs, further driving up food prices.